Aquaculture feed producer BioMar has been valued at DKK 10.85 billion (€1.41 billion) following an oversubscribed initial public offering on Nasdaq Copenhagen.
More than 10,800 investors were allocated shares in the offering, which saw strong demand from both institutional and retail investors. Cornerstone investors including ATP, DNB Asset Management and Nykredit Asset Management were allocated DKK 1.35 billion (€175.5 million) of shares.
While headlines have focused on BioMar’s roughly €1.41 billion valuation, the company itself raised DKK 50 million (€6.5 million) through the sale of new shares. The broader transaction, which included shares sold by majority owner Schouw & Co., was valued at DKK 2.7 billion (€351 million), rising to DKK 3.1 billion (€403 million) if the over-allotment option is fully exercised.
The listing nevertheless provides a rare public market valuation for one of the aquaculture industry’s largest feed suppliers. BioMar supplies feed to salmon, shrimp and other aquaculture sectors globally and is one of the world’s largest aquafeed producers.
Schouw & Co. said it intends to remain BioMar’s majority shareholder following the transaction. The free float is expected to reach 29% if the over-allotment option is exercised in full.
Trading in temporary purchase certificates began on 28 May, with ordinary shares expected to start trading on 2 June under the ticker BIOMAR.